Evidence Collection & Preservation Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Evidence Collection & Preservation flashcards as text
A firm learns it is subject to a regulatory investigation. What must it do regarding records that would normally be destroyed under its schedule?
Answer: Suspend routine destruction and preserve relevant records (a legal hold)
Records relevant to a known or anticipated proceeding must be preserved regardless of the normal retention schedule.
Where should written customer complaints be documented?
Answer: In a firm complaint file or log available for regulatory review
Firms must keep complaint records that supervisors and regulators can review.
An agent alters a client's signed account form after the client signed. This is:
Answer: Falsification of records, an unethical and prohibited practice
Changing signed documents without the client's authorization compromises the integrity of evidence and is prohibited.
When disposing of old client records, a firm must:
Answer: Use reasonable measures such as shredding or secure erasure to protect customer information
Privacy safeguard rules require reasonable measures to protect customer information when disposing of it.
Which is the best way for a firm to preserve records against a disaster such as a fire or flood?
Answer: Maintain backup copies stored in a separate location
Duplicate records stored apart from the originals support continuity and meet regulatory duplicate-storage expectations.
An agent takes detailed notes of a phone call in which a client gave a trading instruction. Why is this valuable?
Answer: It creates contemporaneous evidence of the instruction that can resolve later disputes
Contemporaneous notes are persuasive evidence of what the client actually said and when.
Which action regarding records is most likely to be viewed as obstructing a regulatory examination?
Answer: Backdating documents or deleting records after a request is received
Backdating or destroying records after a request undermines the examination and invites severe sanctions.
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